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DealBook Conference Live Updates: Vice Could Be Profitable by ‘the Next Fiscal Year’ DealBook Conference Live Updates: G.M.’s Autonomous Ride-Sharing Service ‘on Track’ for 2019
(35 minutes later)
• Welcome to the live briefing for DealBook’s Playing for the Long Term conference. Check back regularly to read the latest from the event.• Welcome to the live briefing for DealBook’s Playing for the Long Term conference. Check back regularly to read the latest from the event.
Mary T. Barra, the chief executive of General Motors, said that the company plans to roll out a ride-sharing service that would rely on autonomous vehicles in 2019, a development that would advance the already-heated race to bring self-driving cars to market.
“We’re on track, with our rate of learning, to be able to do that next year,” Ms. Barra said, adding that the company had a strategy to show how its vehicles are safer than human drivers. The vehicles can currently run safely at speeds of up to about 30 miles per hour, and the service will be limited to a small geographical area, Ms. Barra said.
She did not say where the service would operate, but noted that the company has been testing in San Francisco.
Autonomous vehicles rely on what Ms. Barra described as “a suite of sensors,” including radar, cameras and a technology known as lidar. G.M. is focused on advancements to lidar, which will drive down costs and enable the vehicles to travel at higher speeds, she said.
After substantial investments this year from SoftBank Group of Japan and Honda, G.M.’s autonomous vehicle unit, Cruise, is now valued at $14.6 billion.
Ms. Barra also explained why G.M. pushed back last week against a Trump administration proposal to roll back Obama-era fuel economy standards. The company instead called for a national gas mileage standard that would mandate a percentage of carmaker sales come from zero-emissions vehicles.
“We do believe in an all-electric future,” she said, before warning that a patchwork of state regulations would only slow down advancements.
“That’s inefficient and that’s going to direct costs to the consumer, which will lead to slower adoption,” she said.
— Niraj Chokshi
Nancy Dubuc, the newly installed chief executive of Vice Media, announced at the conference today that the company will be profitable by “the next fiscal year.” That would be an important milestone for a business that was most recently valued at $5.7 billion.Nancy Dubuc, the newly installed chief executive of Vice Media, announced at the conference today that the company will be profitable by “the next fiscal year.” That would be an important milestone for a business that was most recently valued at $5.7 billion.
“It actually was profitable a couple years ago, and then with all the expansion and investment, we made it not profitable,” she said. “But very, very quickly it’ll be profitable again.”“It actually was profitable a couple years ago, and then with all the expansion and investment, we made it not profitable,” she said. “But very, very quickly it’ll be profitable again.”
Cost cutting will help. But Ms. Dubuc characterized the forthcoming changes as a way to become more efficient. “When you have expansion everywhere, you’re obviously going to have duplication everywhere too,” she said.Cost cutting will help. But Ms. Dubuc characterized the forthcoming changes as a way to become more efficient. “When you have expansion everywhere, you’re obviously going to have duplication everywhere too,” she said.
More critically, the company will be able to invest its profits in new areas for the business, including its online news operation.More critically, the company will be able to invest its profits in new areas for the business, including its online news operation.
Vice started as a free punk magazine in Montreal in 1994 and has traded on its irreverent, brash tone to become a global media company with about 3,000 employees. Backed by media giants like the Walt Disney Company and 21st Century Fox, Vice now includes an advertising agency, a TV network, a film-production business and programs on HBO.Vice started as a free punk magazine in Montreal in 1994 and has traded on its irreverent, brash tone to become a global media company with about 3,000 employees. Backed by media giants like the Walt Disney Company and 21st Century Fox, Vice now includes an advertising agency, a TV network, a film-production business and programs on HBO.
Ms. Dubuc, 49, also has the task of solving the company’s longstanding issues with sexual harassment. In December, a New York Times investigation detailed the mistreatment of women at the company and found four settlements involving allegations of sexual harassment or defamation against Vice employees. Altogether, more than two dozen women said they had experienced or witnessed sexual misconduct at the company.Ms. Dubuc, 49, also has the task of solving the company’s longstanding issues with sexual harassment. In December, a New York Times investigation detailed the mistreatment of women at the company and found four settlements involving allegations of sexual harassment or defamation against Vice employees. Altogether, more than two dozen women said they had experienced or witnessed sexual misconduct at the company.
Vice founder Shane Smith responded to the article by pledging a series of changes, including pay equity and reaching gender parity within the work force. In a statement, he said, “from the top down, we have failed as a company to create a safe and inclusive workplace where everyone, especially women, can feel respected and thrive.”Vice founder Shane Smith responded to the article by pledging a series of changes, including pay equity and reaching gender parity within the work force. In a statement, he said, “from the top down, we have failed as a company to create a safe and inclusive workplace where everyone, especially women, can feel respected and thrive.”
Ms. Dubuc said that she takes the responsibility of reforming the company’s culture very seriously. She also praised Mr. Smith for his response.Ms. Dubuc said that she takes the responsibility of reforming the company’s culture very seriously. She also praised Mr. Smith for his response.
“Shane did a powerful thing and that was to take seriously the changes that needed to happen at Vice,” she said, later adding that her being named as C.E.O was an important signal for the company to send.“Shane did a powerful thing and that was to take seriously the changes that needed to happen at Vice,” she said, later adding that her being named as C.E.O was an important signal for the company to send.
“I could have a pretty dramatic impact,” she said.“I could have a pretty dramatic impact,” she said.
As to how Ms. Dubuc works with Mr. Smith, who has led the company for more than two decades and was made executive chairman after she joined the company?As to how Ms. Dubuc works with Mr. Smith, who has led the company for more than two decades and was made executive chairman after she joined the company?
Very simple. “I run the show,” she said.Very simple. “I run the show,” she said.
— Edmund Lee— Edmund Lee
For someone who speaks often and loudly about taking a stand and doing good, Laurence D. Fink of BlackRock spends a lot of time thinking about gray areas.For someone who speaks often and loudly about taking a stand and doing good, Laurence D. Fink of BlackRock spends a lot of time thinking about gray areas.
Mr. Fink, the founder, chairman and chief executive of the world’s largest asset manager, said that dropping out of Saudi Arabia’s big investment conference last month was a “hard decision.” So was the choice earlier this year to offer investment options stripped of stocks in gun manufacturers and retailers.Mr. Fink, the founder, chairman and chief executive of the world’s largest asset manager, said that dropping out of Saudi Arabia’s big investment conference last month was a “hard decision.” So was the choice earlier this year to offer investment options stripped of stocks in gun manufacturers and retailers.
“These things are not black or white,” he said on Thursday at the DealBook conference in New York.“These things are not black or white,” he said on Thursday at the DealBook conference in New York.
BlackRock has $6.5 trillion under management, giving it great influence over many of the world’s top public companies. In a conversation that ranged from tariffs to bitcoin, Mr. Fink returned repeatedly to ideas about corporate accountability.BlackRock has $6.5 trillion under management, giving it great influence over many of the world’s top public companies. In a conversation that ranged from tariffs to bitcoin, Mr. Fink returned repeatedly to ideas about corporate accountability.
The billionaire investor Warren Buffett has said that he resists imposing his political views on his employees and clients because he is “not their nanny on that.”The billionaire investor Warren Buffett has said that he resists imposing his political views on his employees and clients because he is “not their nanny on that.”
“I’m not a nanny either,” Mr. Fink said on Thursday. “I’m not telling companies what their purpose should be. But I do believe it’s up to the company to identify what their purpose is.”“I’m not a nanny either,” Mr. Fink said on Thursday. “I’m not telling companies what their purpose should be. But I do believe it’s up to the company to identify what their purpose is.”
Earlier this year, he sent an open letter pressing public firms to consider not just their bottom lines, but also the broader community — a social responsibility manifesto forged through years of personal experience, public pressure and secret meetings.Earlier this year, he sent an open letter pressing public firms to consider not just their bottom lines, but also the broader community — a social responsibility manifesto forged through years of personal experience, public pressure and secret meetings.
Mr. Fink withdrew last month from the high-profile investment conference in Riyadh amid allegations that Jamal Khashoggi, a prominent Saudi journalist, had been murdered and dismembered at a Saudi consulate in Turkey.Mr. Fink withdrew last month from the high-profile investment conference in Riyadh amid allegations that Jamal Khashoggi, a prominent Saudi journalist, had been murdered and dismembered at a Saudi consulate in Turkey.
Other executives — including Mr. Dimon, Stephen A. Schwarzman of Blackstone and Dara Khosrowshahi of Uber — also dropped out of the event. Despite his refusal to attend what he called a “very public showcase” of the kingdom’s strengths, Mr. Fink said that BlackRock would continue to conduct business in Saudi Arabia, adding that he “never believed that decision would cost us all the business.”Other executives — including Mr. Dimon, Stephen A. Schwarzman of Blackstone and Dara Khosrowshahi of Uber — also dropped out of the event. Despite his refusal to attend what he called a “very public showcase” of the kingdom’s strengths, Mr. Fink said that BlackRock would continue to conduct business in Saudi Arabia, adding that he “never believed that decision would cost us all the business.”
But he stressed that his attention to social responsibility is not a passing fad.But he stressed that his attention to social responsibility is not a passing fad.
“I certainly never did this to be in vogue,” he said. “We’re doing this because we’re being asked.”“I certainly never did this to be in vogue,” he said. “We’re doing this because we’re being asked.”
— Tiffany Hsu— Tiffany Hsu
Steve Ballmer, the former chief executive of Microsoft, concluded his presentation on Thursday with the results of a poll he recently helped run: 61 percent of the people surveyed cared about using researched facts to help form their opinions on policy, beating the 54 percent who said their values shaped their opinions.Steve Ballmer, the former chief executive of Microsoft, concluded his presentation on Thursday with the results of a poll he recently helped run: 61 percent of the people surveyed cared about using researched facts to help form their opinions on policy, beating the 54 percent who said their values shaped their opinions.
For Mr. Ballmer, that is central to a project he has been working on since he retired as chief executive of Microsoft in 2014 and has poured millions of dollars into: USAFacts, a nonpartisan database of federal, state and local government revenue and spending.For Mr. Ballmer, that is central to a project he has been working on since he retired as chief executive of Microsoft in 2014 and has poured millions of dollars into: USAFacts, a nonpartisan database of federal, state and local government revenue and spending.
“I’ve spent the better part of four years trying to understand where government gets its revenue, where it spends its revenue,” Mr. Ballmer told the audience on Thursday.“I’ve spent the better part of four years trying to understand where government gets its revenue, where it spends its revenue,” Mr. Ballmer told the audience on Thursday.
In a wide-ranging presentation, Mr. Ballmer ran through some highlights of the types of data his website provides, hitting on hot-button issues in the upcoming 2018 midterm elections. He also displayed a deep enthusiasm for the future of America, declaring that he bets on the “U.S. of A, baby” based on his belief that the country will continue to attract top engineering talent from around the world.In a wide-ranging presentation, Mr. Ballmer ran through some highlights of the types of data his website provides, hitting on hot-button issues in the upcoming 2018 midterm elections. He also displayed a deep enthusiasm for the future of America, declaring that he bets on the “U.S. of A, baby” based on his belief that the country will continue to attract top engineering talent from around the world.
At the same time, he said America needs facts to filter the increasingly convoluted noise. In charts, Mr. Ballmer showed how he believes USAFacts can help be that filter.At the same time, he said America needs facts to filter the increasingly convoluted noise. In charts, Mr. Ballmer showed how he believes USAFacts can help be that filter.
On immigration, for example, the number of undocumented immigrants in the United States rose from about 10.5 million to 12.1 million in recent years, according to USAFacts’ analysis of government data. The number of border agents has risen sharply from about 4,000 to 19,000 over the same period, while border apprehensions have decreased from roughly 1.7 million to 300,000, Mr. Ballmer said.On immigration, for example, the number of undocumented immigrants in the United States rose from about 10.5 million to 12.1 million in recent years, according to USAFacts’ analysis of government data. The number of border agents has risen sharply from about 4,000 to 19,000 over the same period, while border apprehensions have decreased from roughly 1.7 million to 300,000, Mr. Ballmer said.
The numbers raise natural questions, Mr. Ballmer said. Why are there more border agents today, fewer apprehensions, but more undocumented immigrants?The numbers raise natural questions, Mr. Ballmer said. Why are there more border agents today, fewer apprehensions, but more undocumented immigrants?
Mr. Ballmer has called USAFacts “the equivalent of a 10-K for government,” referring to the kind of annual financial filings that companies make. In 2017, he said he had spent more than $10 million in direct funding and grants on USAFacts, including hiring a team of researchers in Seattle.Mr. Ballmer has called USAFacts “the equivalent of a 10-K for government,” referring to the kind of annual financial filings that companies make. In 2017, he said he had spent more than $10 million in direct funding and grants on USAFacts, including hiring a team of researchers in Seattle.
At times, the discussion steered away from USAFacts — and toward sports. Mr. Ballmer talked about how, as the owner of the Los Angeles Clippers, he felt he was being held more accountable than when he was a chief executive. He also expressed his desire to help keep the Seattle Seahawks in his hometown.At times, the discussion steered away from USAFacts — and toward sports. Mr. Ballmer talked about how, as the owner of the Los Angeles Clippers, he felt he was being held more accountable than when he was a chief executive. He also expressed his desire to help keep the Seattle Seahawks in his hometown.
— Mihir Zaveri— Mihir Zaveri
Rebecca Blumenstein, the deputy managing editor of New York Times, described the conversations of a DealBook conference task force, intended to establish guidelines on how to ethically implement A.I., as one of the “highest level discussions she has ever seen” about the technology.Rebecca Blumenstein, the deputy managing editor of New York Times, described the conversations of a DealBook conference task force, intended to establish guidelines on how to ethically implement A.I., as one of the “highest level discussions she has ever seen” about the technology.
Among the conclusions of the panel:Among the conclusions of the panel:
• Microsoft announced last month that it would sell military and intelligence agencies whatever advanced technologies they needed for the country’s defense, a move that came amid scrutiny over tech companies’ role in the development of next-generation cyberweapons. The task force concluded on Thursday that a partnership between tech companies and government is a good thing. The government should have access to the best technology available, said Microsoft’s executive vice president of business development Peggy Johnson.• Microsoft announced last month that it would sell military and intelligence agencies whatever advanced technologies they needed for the country’s defense, a move that came amid scrutiny over tech companies’ role in the development of next-generation cyberweapons. The task force concluded on Thursday that a partnership between tech companies and government is a good thing. The government should have access to the best technology available, said Microsoft’s executive vice president of business development Peggy Johnson.
• Companies should take care to scrutinize their machine learning initiatives (and algorithms in general) for biases that may be passed on from their creators, said Dipayan Ghosh, a Pozen Fellow at the Shorenstein Center on Media, Politics and Public Policy at Harvard University. These technologies should be developed with greater consideration for the public interest.• Companies should take care to scrutinize their machine learning initiatives (and algorithms in general) for biases that may be passed on from their creators, said Dipayan Ghosh, a Pozen Fellow at the Shorenstein Center on Media, Politics and Public Policy at Harvard University. These technologies should be developed with greater consideration for the public interest.
• In New York City, when considering artificial intelligence in transportation, companies should be transparent with the data they use in order to ensure the technologies are a benefit to society, said Cordell Schachter, the chief technology officer of the New York City Department of Transportation.• In New York City, when considering artificial intelligence in transportation, companies should be transparent with the data they use in order to ensure the technologies are a benefit to society, said Cordell Schachter, the chief technology officer of the New York City Department of Transportation.
— Mihir Zaveri— Mihir Zaveri
Here’s when all of today’s speakers will be appearing on stage:Here’s when all of today’s speakers will be appearing on stage:
08:50: Introductory remarks. A.G. Sulzberger, publisher of The New York Times, and Andrew Ross Sorkin, editor at large and columnist at The New York Times.08:50: Introductory remarks. A.G. Sulzberger, publisher of The New York Times, and Andrew Ross Sorkin, editor at large and columnist at The New York Times.
09:15: The six-trillion-dollar man and his social message. Larry Fink, the chairman and C.E.O. of BlackRock.09:15: The six-trillion-dollar man and his social message. Larry Fink, the chairman and C.E.O. of BlackRock.
09:50 Ahead of the midterms: a 10-K for America. Steve Ballmer, founder of USAFacts and former C.E.O. of Microsoft.09:50 Ahead of the midterms: a 10-K for America. Steve Ballmer, founder of USAFacts and former C.E.O. of Microsoft.
10:15 Behind the Wheel. Mary Barra, chairman and C.E.O. of General Motors.10:15 Behind the Wheel. Mary Barra, chairman and C.E.O. of General Motors.
11:10: Media, millennials and our cultural vices. Nancy Dubuc, C.E.O. of VICE Media.11:10: Media, millennials and our cultural vices. Nancy Dubuc, C.E.O. of VICE Media.
11:45: Screen time: the future of what we watch. Lachlan Murdoch, executive chairman of 21st Century Fox.11:45: Screen time: the future of what we watch. Lachlan Murdoch, executive chairman of 21st Century Fox.
13:30: Searching for the super pill. Kenneth C. Frazier, chairman and C.E.O., Merck.13:30: Searching for the super pill. Kenneth C. Frazier, chairman and C.E.O., Merck.
13:55: #Let’sTalk. Lisa Borders, president and C.E.O. of Time’s Up, and Padma Lakshmi, author, host and executive producer of Bravo’s “Top Chef.”13:55: #Let’sTalk. Lisa Borders, president and C.E.O. of Time’s Up, and Padma Lakshmi, author, host and executive producer of Bravo’s “Top Chef.”
14:35: The future, now. Marc Raibert, founder and C.E.O. of, Boston Dynamics, with the special guest SpotMini.14:35: The future, now. Marc Raibert, founder and C.E.O. of, Boston Dynamics, with the special guest SpotMini.
15:15: The C.E.O. selfie. Evan Spiegel, co-founder and C.E.O. of Snap15:15: The C.E.O. selfie. Evan Spiegel, co-founder and C.E.O. of Snap
15:40: Soul searching: technology’s role in society. Sundar Pichai, C.E.O. of Google.15:40: Soul searching: technology’s role in society. Sundar Pichai, C.E.O. of Google.
16:05: The exit interview. Lloyd Blankfein, senior chairman of Goldman Sachs.16:05: The exit interview. Lloyd Blankfein, senior chairman of Goldman Sachs.
16:35: Trump, the Valley and what’s next. Peter Thiel, partner of Founders Fund.16:35: Trump, the Valley and what’s next. Peter Thiel, partner of Founders Fund.